Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1887-12-15

III al appropriation bill passed number
OF years ago, and it is subject to the sup
position that it was intended as tenn poary
and limited in it's application instead of
comforting continuing discretion and
authority. No condition ought to exist
which would justify the grant of power
to single official upon bis Judgment of
It's necessity, to withhold from OF re-
lease to the business of the people in an
unusual manner, money held in the
treasury and thus affect at his will, the
financial situation of the country; and if
it is deemed wise to lodge in the secretary
of the treasury the authority in the
| present juncture to purchase bonds. It
should be plainly vested, and provided
IS far as possible with such checks and
limitations as will define his official right
and discretion, and at the same time re-
lieved him from undue responsibility.
In considering the question of purchas-
ing bonds as a means Of restoring to cir
culation the surplus money accommodating
| IN the treasury, it should be borne IN
mind that premiums must, of course, be
| paid upon such purchase, that there may
be large part of these bonds held as in
| yestments, which Cannot be purchased at
/ any price, and that combinations among
| holders who are willing to sell may IN
reasonably enhance cost of such bond to
the governments. It has been suggested
that the present bonded debt might be
refunded at less rate OF interest, and
the difference between the old and new
securities paid in cash, thus finding use
for the surplus in the treasury. The sue
cess of this plan, it is apparent, must be
founded upon the violation of the hold
ers Of the present bonds; and it Is not
entirely certain that the inducement
which must be offered them would result
in more financial benefit to the govern
ment than the purchase of bonds, while
the latter proposition would reduce the
principal of the debt by actual payment,
instead of extending it. The proposition
to deposit the money held by the govern-
ment in banks throughout the country for
use by the people, it seems to me
an exceeding Objectionable principle as
reaching too close relationship between
the operations of the government to the
business Of the country, and too extern
siye a commingling of their money, thus
fostering an unnatural reliance in pri-
vate business upon public funds. If
this scheme should be adopted, it should
only be done as a temporary expedient
to meet an urgent necessity. Legislative
and executive effort should generally be
In the opposite direction and should
have tendency to divorce, as much and
as fast as can safely be done, the trea-
sury department from private enterprises.
OF course it is not expected that uu-
necessary and extravaganza appropria-
tions will be made for the purpose of
avoiding the accumulation Of an excess
of revenue. Such expenditure besides
the decentralization of all just concep-
lions of public duty which it entails en-
ulates reckless improVidence not IN the
least consistent with the mission of our
people or the high and benefcent pur-
poses of our government.
have deemed 1T my duty, thus to bring
to the knowledge of my countrymen as
well as the attention of their represented
tives to the responsibility of legislative
relief, the gravity of our nfancial situa-
ton. The failure Of the congress hereto
fore to provide against the dangers which
it was quite evident, the very nature Of
the difficulty mnst necessarily produce,
causing condition of financial distress
and apprehension since their last adjourn
ment which taxed to the utmost all the
authority and expedients within executive
control; and these appear now TO be ex-
hausted. If disaster results from the
continued inaction of congress, the re-
sponsibility must rest where it belongs.
Though the situation thus far considered
is fraught with danger which should be
fully realized, and though it presents fea
turs of wrong to the people as well IS to
the country, it is but result growing out
of perfectly palpable and apparent
cause, constantly reproducing the same
alarming circumstances q congested
national treasury, and a depleted mole
tary condition in the business Of the
country. Itneeds hardly be stated that
while the present situation demands a
remedy, we can only be saved from
prsdicament in the future by the removal
OF the cause.
OUR soHEMR OF TAXATION,
by means OF which this needless surplus
is taken from the people and put into the
pubH3 treasury, consists Of tariff or
duty levied upon importations from
abroad and internal revenue taxes levied
upon the consumption of tobacco and
spirituous and malt liquors. 1t must be
considered that none of these taxes re-
lates to things subjected to internal
revenue taxation are strictly speaking
necessary, and lit SO appears to be no just
cause of complaint of the consumers of
viz aIh1CACS, dAQ bnCIC cCOulo w OC AOoAA-
ing so we'll able to bear the burden with
out hardship to any portion of the peo-
pie. But our present tariff laws, the
various, insquitable and illegal source of
unnecessary taxation ought to be ut once
revised and amended. These laws, az
their primary and plain effect raise the
price to consumers of eli articles i'm
ported and subject to duty by precisely
the sum paid for such duties. Thus the
| amount of the duty measures the tax
| paid by those who purchase for use these
imported articles. Many Of these things
however, are raised or manufactured in
our own country, and the duties now lev
led upon foreign goods and products are
called protection to these home panu-
| features, because they render it possible
| for those of our people who are manufsc-
| turers, to make these taxed articles and
sell them for prices equal to that de-
manded for the imported goods that
have paid customs duty. So it happens,
that while comparatively a few use the
imported articles, millions CT our people,
who never use and never saw any of the